I've put some thought into this, but not into what they could or would look like until i get them drawn out or if someone wants to help with that.
But i suggest we could bring Donor Capes into Alora. They would correspond with what rank you are. Obviously you can't wear a Master Donator cape if you're a Super Donator.
Just for now, the color of each cape would be the correspond with the wearers rank:
Red: Donator
Green: Super
Blue: Extreme
Purple: Legendary
Yellow: Uber
and then as for Master, maybe a poll could be set up following this topic on what color would be best, considering the symbol for it is more of a rainbow-ish color under the FAQ part of the store. Unless the cape matches what the color of your rank is in-game, then it would be set to white, but as I am typing this, I'm referring to the FAQ page under the store.
As for perks on these capes, again, a poll could be set up for the community to vote upon if they wish to have perks on these capes.